This blog post was written for a marketing seminar class at George Brown College and originally published on my website www.rightinthatmiddle.com
Marketing is a complex industry.
With consumer habits and behaviours shifting rapidly as technology develops, people in the industry must find compelling new ways to make an impact on their audience. As a student of the craft, or as some would say ‘baby marketer’, I have learned how much technology and consumer data have driven the marketing industry over the past decade.
Is Marketing Science the way of the future?
In my first seminar lecture of the semester, I was introduced to Blair Roebuck, Vice President of Marketing Science at Valtech. Blair shared immense knowledge with the class by expanding our understanding of Marketing Science and how it connects with larger business goals. For many, the practice is the synergy of business and technology. A marriage of sorts.
This specialized work translates data into business insights that drive outcomes favourable to business goals. From data wrangling, to analysis, strategy, reporting and optimization, this practice aims to create specialized useful insights that achieve the ROIs of companies.
What does that mean for customer experience?
With the right data, you can create a more compelling argument for consumers to make conversions. As a consumer, it is a lot easier to engage with a brand or business when you feel your interests and identity connect with that brand. Businesses understand this fact and want to capitalize on the potential for creating a long-lasting relationship with those potential customers. When a business has the capacity to collect the right data about their consumers, they can tailor the target persona of those customers to a meticulous level. This level of accuracy provides a more compelling experience at the consumer level.
Having the capacity to create such detailed work can also mean better-tailored goods and services for consumers. If a company has reliable data about their consumers with their overall preferences, they can use that information to create goods and services that connect deeply with the needs and pain points of the target consumers.
Maybe data collection is too good to be true…
It is without a doubt that privacy and growing data collection legislation across the globe have slowed down the rapid growth of Marketing Science. With increased consumer knowledge about how data is collected and stored, in addition to the potential security risks faced by companies who store that data, creating a seamless experience from data collection to analysis is currently not an option for most in the industry. PIPEDA, CCPA, and Quebec’s recent privacy laws have introduced larger regulation and protections around consumer data and the capacity private businesses have over that information.
From a marketing perspective, this type of red tape could be seen as stifling business innovation. If there was less regulation, there could be a possibility for wider technological development and an increase in accessible consumer goods and services.
From a consumer perspective, regulations create protection against identity theft, fraud, or invasive data collection. With news reports about the dangers of social media and internet use, and relatively frequent data breaches, many consumers worry about the risks posed by sharing their personal data with private businesses.
If businesses want to expand the industry while increasing consumer trust, they must work towards finding a healthy balance that addresses the needs of consumers while also identifying how technology can enhance this marketing field.
When it comes to Marketing Science, there is always more to learn
Given the recent developments in this field, there is so much that can be said and. When given the opportunity to break out into groups for case study work, I found our group got caught up in the details about the industry that made us curious to learn more. With all our varied perspectives, we shared many different ideas that carried our conversation into new directions.
As someone with a brief introduction into the world through my family’s IT background, I was curious about the impacts from a consumer standpoint. These days I know I am compelled to see the world through a marketing perspective, but at the same time I am always keen to infuse my marketing brain with my consumer perspective. Finding a way to ask about those nuances was difficult, but I was glad to bring them to the attention of my class.
Marketing Science moving forward
After the presentation and case study, I have walked away with a better understanding of the industry from a marketing perspective. It has made me more curious about the impacts the industry will have in the years to come and how the legislation will influence those technological developments.
While I believe it is important to be mindful of the potential consumer bias I may have towards the industry, I believe that it is important to maintain that perspective and actively infuse it with all the relevant perspectives drawn from marketing.
Consumers should feel trust that the exchange of data not only guarantees their privacy and protection, but it also ensures that they are able to access the most up to date and advanced goods and services that connect to their needs on a deep personal level.
If given the opportunity to discuss the field with anyone in the industry, I would love to be able to contextualize those details and discuss their impact further. This is an industry that I would love to learn more about and potentially create an impact with my unique perspective.
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